Question

LaChut Labs performs a specialty lab test for local companies for $54 per test. For the upcoming quarter, LaChut Labs is projecting the following sales: The budgeted cost of performing each test is $27. Operating expenses are projected to be $61,000 in January, $56,000 in February, and $60,000 in March. LaChut Labs is subject to a corporate tax rate of 30%. January February March Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. 5,200 5,700 4,700 Number of lab tests Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. LaChut Labs Budgeted Income Statement For the Quarter Ended March 31 Quarter February March January Sales Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Income tax expense Net income Enter any number in the edit fields and then continue to the next question.

Answer 1

Income Statement Sales Less :COGS Gross Profit Less : Operating exp Operating income Less : Tax Net Income January February March Quarter 307800) 253800 280800 842400 153900 126900 140400 421200 153900 126900 140400 421200 61000 56000 60000 177000 929007090080400 244200 [ 278701 212701 241201 73260) 65030| 4963056280170940|